Beanie Baby Blowup

Mt. Gox, at one point the largest Bitcoin exchange, has pulled a disappearing act – both physically and on the Internet. The state of its customers’ accounts and the likelihood of recovering their contents seems to be unknown at this point.

Its competitors are basically saying, well there are always bad apples but everything is really OK. One begs to disagree, but then I didn’t buy any Beanie Babies either, which makes me an old curmudgeon who clearly doesn’t get it. Not that this should be news to anyone who reads this blog.

I do have to say that the trick of selling people intangible Beanie Babies really deserves some admiration of the level of chutzpah involved. But then making the intangible assets disappear takes it to a whole new level.

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